This era is the era of technological reformation. The end user of this century shy away from the conventional products and want products that are smarter and technologically advanced. This fact has created an opportunity for a number of smaller industries to establish themselves on the larger horizon. The growth of automotive sensors market is an excellent example of this fact. The research report distributed by Market Research Future suggests that this market will experience path breaking development during the forecast period of 2017-2023.
Rising annual income of the consumers is a chief factor that happens to act as a growth propeller for this market. As people start earning more money, the expenditure graph goes up as a result of which the automotive sensors market gets benefitted ultimately.
Additional factors that further happen to positively influence the market’s expansion are higher demand for sensors amongst the general population, rise in motor vehicle production across the globe, hike in vehicle electrification and strict government regulations.
The market may, however, come across certain minor restraints like high cost of such systems. Efforts are underway regarding this issue and soon enough a plausible solution will be discovered.
In-depth Segmental Analysis
The worldwide market for automotive sensors has been segmented into three equal divisions. All of these have particular sub-segments and they have been enlisted below:
Vehicle types – Heavy vehicle, low end, medium end, electrical vehicles, passenger car and high end vehicles. Passenger cars amount for the maximum number of shares with approximately 76%. Augmentation of infrastructure in countries across the globe, rise in the purchasing power of consumers and need for secure vehicles help this division in domination.
Sensor Types – Temperature sensors, NOx sensors, pressure sensors, image sensors, position sensors, O2 sensors, inertial sensors and speed sensors. Position sensors account for the largest market share in regards to this segment. The increased production of cars can be held responsible for the growth of this market.
By technology – Nano-Electro-Mechanical-Systems and Micro-Electro-Mechanical-Systems.
Comprehensive Regional Analysis
The automotive sensors market has a made a reputation for it across the globe over the years. The major regions where its presence can be predominantly felt are North America, Europe, Asia Pacific and Rest of the World.
The research report by Market Research Future states that Asia Pacific governs the market region-wise. It is because of the presence of countries like Japan, China and India. Population explosion, rise in annual income of the consumers, and infrastructure development tend to boost the expansion of the market in these regions.
Europe comes second in line after APAC, the development in this area is majorly driven by the higher demand for proficient and safe vehicles. It is anticipated that the European market will tread forward at an impressive CAGR during the projection period.
April 13, 2018 – Lidar which is one of the newest entrants in this market has ensured the market of the fact that it can mass produce a large number of automotive sensors at an effective price. This development is supposed to work in the favor of the market as the price is a major concern for the market as of right now.
Market Players & Key Strategies
Some of the most renowned players of this market can be enlisted as Panasonic Corporation, Broadcom Limited, Micronas Semiconductor, Sensata Technologies and Measurement & Control Solutions.